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12th Standard English Medium Accountancy Reduced Syllabus Three mark Important Questions with Answer key - 2021(Public Exam )

12th Standard

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Accountancy

Time : 02:00:00 Hrs
Total Marks : 75

    Part A

    25 x 3 = 75
  1. From the following details, calculate the missing figure:

      Rs
    Capital as on 1st April, 2017 2,50,000
    Capital as on 31st March, 2018 2,75,000
    Additional capital introduced during the year 30,000
    Profit for the year 15,000
    Drawings during the year ?
  2. From the following details find out total sales made during the year

    Particulars Rs.
    Debtors on 1st January 2018 1,30,000
    Cash received from debtors during the year 4,20,000
    Sales returns 35,000
    Bad debts 15,000
    Debtors on 31st December 2018 2,00,000
    Cash Sales 4,60,000
  3. How will the following items appear in the final accounts of a club for the year ending 31st March 2017? A club received subscription of Rs. 25,000 during the year 2016-17. This includes subscription of Rs. 2,000 for 2015-16 and Rs. 1,500 for the year 2017-18. Subscription of Rs.500 is still outstanding for the year 2016-17.

  4. How will the following appear in the final accounts of Marthandam Women Cultural Association?

      Rs
    Stock of sports materials on 1.4.2018 16,000
    Sports materials purchased during the year 84,000
    Stock of sports materials on 31.3.2019 10,000
  5. Yuvan foundation is formed to educate and to provide jobs to unemployed women. Identify the values involved.

  6. Akash, Bala, Chandru and Daniel are partners in a firm. There is no partnership deed. How will you deal with the following?
    (i) Akash has contributed maximum capital. He demands interest on capital at 10% per annum.
    (ii) Bala has withdrawn Rs.3,000 per month. Other partners ask Bala to pay interest on drawings @ 8% per annum to the firm. But, Bala did not agree to it.
    (iii) Akash demands the profit to be shared in the capital ratio. But, others do not agree.
    (iv) Daniel demands salary at the rate of Rs.10,000 per month as he spends full time for the business.
    (v) Loan advanced by Chandru to the firm is Rs.50,000. He demands interest on loan @ 12% per annum.

  7. Ahamad and Basheer contribute Rs.60,000 and Rs.40,000 respectively as capital. Their respective share of profit is 2:1 and the profit before interest on capital for the year is Rs.5,000. Compute the amount of interest on capital in each of the following situations:
    (i) if the partnership deed is silent as to the interest on capital
    (ii) if interest on capital @ 4% is allowed as per the partnership deed
    (iii) if the partnership deed allows interest on capital @ 6% per annum.

  8. Explain the procedure for preparation of final accounts of a partnership firm.

  9. The profits and losses of a firm for the last four years were as follows:
    2015: Rs.15,000; 2016: Rs.17,000; 2017: Rs.6,000 (Loss); 2018: Rs.14,000
    You are required to calculate the amount of goodwill on the basis of 5 years purchase of average profits of the last 4 years.

  10. How is goodwill calculated under the super profits method?

  11. How is goodwill calculated under the weighted average profit method?

  12. Rajesh and Ramesh are partners sharing profits in the ratio 3:2. Raman is admitted as a new partner and the new profit sharing ratio is decided as 5:3:2. The following revaluations are made. Pass journal entries and prepare revaluation account.
    (a) The value of building is increased by Rs.15,000.
    (b) The value of the machinery is decreased by Rs.4,000.
    (c) Provision for doubtful debt is made for Rs.1,000.

  13. Write a short note on accounting treatment of goodwill.

  14. Malathi and Shobana are partners sharing profits and losses in the ratio of 5:4. They admit Jayasri into partnership for 1/3 share of profit. Jayasri pays cash Rs.6,000 towards her share of goodwill. The new ratio is 3:2:1. Pass necessary journal entry for adjusting goodwill on the assumption that the fixed capital method is followed.

  15. Prince, Dev and Sasireka are partners in a firm sharing profits and losses in the ratio of 2:4:1. Their balance sheet as on 31st March, 2019 is as follows:
     

    Liabilities Rs. Rs. Assets Rs.
    Capital accounts     Buildings 40,000
    Prince 30,000   Plant 50,000
    Dev 50,000   Furniture 10,000
    Sasireka 20,000 1,00,000 Stock 15,000
    Profit and loss appropriation A/c   10,000 Debtors 20,000
    General reserve   15,000 Cash at bank 15,000
    Workmen compensation fund   17,000    
    Sundry creditors   8,000    
        1,50,000   1,50,000
  16. Distinguish between sacrificing ratio and gaining ratio.

  17. Janani, Janaki and Jamuna are partners sharing profits and losses in the ratio of 3:3:1 respectively. Janaki died on 31st December, 2017. Final amount due to her showed a credit balance of Rs. 1,40,000. Pass journal entries if,
    (a) The amount due is paid off immediately.
    (b) The amount due is not paid immediately.
    (c) Rs. 75, 000 is paid and the balance in future.

  18. What is reissue of forfeited shares?

  19. What are the characteristics of a company?

  20. Prepare common-size balance sheet of Maria Ltd. as on 31st March, 2018.

    Particulars 31st March 2018
      Rs.
    I EQUITY AND LIABILITIES  
    Shareholders’ funds 4,00,000
    Non-current liabilities 3,20,000
    Current liabilities 80,000
    Total 8,00,000
    II ASSETS  
    Non-current assets 6,00,000
    Current assets 2,00,000
    Total 8,00,000
  21. What are the objectives of financial statement analysis?

  22. What is inventory conversion period? How is it calculated?

  23. From the given information calculate the inventory turnover ratio and inventory conversion period (in months) of Sania Ltd.

    Particulars Rs.
    Revenue from operations 1,90,000
    Inventory at the beginning of the year 40,000
    Inventory at the end of the year 20,000
    Purchases made during the year 90,000
    Carriage inwards 10,000
  24. Write the values which can be associated with a company which carries ratio analysis on its financial statements.

  25. Write a brief note on accounting vouchers.

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